June 23, 2015 / 4:33 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Facebook, Sonic, Casi Pharma, Immersion

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks trimmed earlier gains and were mostly negative in late morning trading after comments from Federal Reserve Governor Jerome Powell that the economy could be ready for interest rate increases twice this year. The Dow Jones industrial average was unchanged at 18,119.48, the S&P 500 was down 0.10 percent at 2,120.82 and the Nasdaq Composite was down 0.16 percent 5.145.94.

** BLACKBERRY LTD, $8.8696, -3.59 pct

The Canadian smartphone maker’s U.S.-listed shares down after rising sharply in premarket trading over uncertainty about performance of the crucial software business.

For a graphic, (link.reuters.com/fyk94w)

** FACEBOOK INC, $87.037, +2.71 pct

The social media website operator’s WhatsApp and Messenger apps likely to have more than 2 billion active users and generate $9 billion-$10 billion in incremental revenue by 2020, Deutsche Bank analysts said.

At about $240 billion, Facebook’s market value is now bigger than Dow component and retail giant Wal-Mart Stores Inc.

** DELHAIZE GROUP SA, $24.53, +7.40 pct

Dutch supermarket group Ahold is in the “final stages” of merger negotiations with Belgian peer Delhaize , it said on Tuesday, though the company declined to confirm media reports that a deal would be announced this week.

** IMMERSION CORP, $12.5, +5.31 pct

The software licensing company’s shares rose after brokerage Craig-Hallum Capital starts with “buy” rating and $16 price target. Craig-Hallum analysts say Apple Inc could sign a deal with Immersion to use its haptic technology in smartphones.

** VICAL INC, $0.765, -46.13 pct

Two forms of the drug developer’s experimental vaccine for genital herpes failed in an early stage trial. Roth Capital cuts to “neutral” less than a month after starting with “buy”, citing “abject failure of the HSV-2 vaccine and the lack of near-term catalyst”


The midstream energy REIT’s shares fall as much as 10 percent after company launches dual public offerings to fund acquisition of Grand Isle Gathering System (GIGS) from Energy XXI Ltd.

** SONIC CORP, $30.5501, -10.72 pct

The drive-in restaurant chain posts third-quarter results in line with analysts’ estimates after four straight quarters of better-than-expected results. Sonic raised its FY adjusted EPS forecast slightly, but that still fell slightly short of analysts’ expectations.

** TRANSGLOBE ENERGY CORP, $4.1391, +12.17 pct

The Canadian oil and gas producer reported second-quarter average production of 15,000 barrels of oil per day (bopd), above estimates of 13,800 bopd.

** GREEN DOT CORP, $20.6, +34.55 pct

The debit card company on Monday renewed an agreement with Wal-Mart Stores Inc as issuing bank for MoneyCard prepaid reloadable cards.

Three brokerages, including SunTrust Robinson, raised price targets on the stock on Tuesday.

** CASI PHARMACEUTICALS INC, $1.7942, +7.44 pct

Brokerage H.C. Wainwright & Co initiated coverage on the stock with a “buy” rating and a price target of $2.50, citing company’s three cancer drugs licensed from Spectrum Pharmaceuticals Inc as the “low-hanging” fruit of Casi’s portfolio.

** AMBARELLA INC, $101.08, +7.12 pct

CNBC’s Jim Cramer said on Monday that the video processing chip maker shares are at a “perfect entry point” in wake of the recent selloff.


The eye device maker said patients using its device for retinitis pigmentosa showed continued improvement in visual function.

** PHOTOMEDEX INC, $1.9, +3.26 pct

** MELA SCIENCES INC, $1.3164, -24.34 pct

Photomedex said it sold its XTRAC and VTRAC psoriasis and vitiligo treatment businesses to Mela for $42.5 million, avoiding a default on a credit agreement with lenders and paying off all debt.

Mela said it would privately place $42.5 million of senior secured notes, convertible debentures and warrants to buy 3 million shares of common stock at an exercise price of $0.75/share to fund the deal. The company had 8.1 million shares outstanding as of April 29.

** MOMO INC, $17.42, +11.03 pct

The Chinese mobile chat app received a takeover offer from Chief Executive Yan Tang and a group of investment firms valuing the company at $3.6 billion, six months after the company listed in the United States.

** BIND THERAPEUTICS INC, $6.06, +3.41 pct

The drug developer said the FDA authorized the company to start first human trial of AZD2811, which is being developed by Bind and AstraZeneca Plc.

** GASLOG PARTNERS LP, $22.82, -8.72 pct

The LNG carrier operator announced public offering of 7.5 mln units to fund acquisition of 3 vessels worth $483 million on Monday. The offering represents a nearly 29 percent of Gaslog Partners’ outstanding shares as of March 30.

** NN INC, $23.18, -9.95 pct

The metal-bearing component maker’s shares falls after it said it is commencing public offering of 6 mln shares of common stock, representing 31.3 pct of shares outstanding as of May 4


The chipmaker said Chinese consortium Uphill Investment ups offer to buy the company to $23 per share, trumping chipmaker Cypress Semiconductor Corp’s latest $22.25 per share bid.

Compiled by Anya George Tharakan; Editing by Sriraj Kalluvila

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